27.08.[News of the day] • Cuban government wants to recognize BTC and cryptocurrencies for payments • and other articles

Welcome to today’s overview of crypto news:

MARKETS

BTC has failed in recent days. On Monday, it reached a several-month high above $ 50,000 and for a while even moved even higher. However, the bears did not allow further growth. On the contrary, they developed pressure and BTC began to decline relatively quickly. He lost the $ 50,000 mark in a matter of hours and continued to fall to a daily low of $ 46,300.

Since then, he has taken back some of the land under his feet and, most importantly, has stood at a price of around $ 48,000 and is currently trading over it.

Altcoins have lost considerable value in recent days. For example, ETH fell from about $ 3,360 to less than $ 3,100. To date, it has recovered some of its value and is currently above $ 3,100.

BTC analysis – what is the most bearish scenario of the current correction?

Cryptocurrencies

Cuban government wants to recognize BTC and cryptocurrencies for payments

After Salvador made history by adopting BTC as legal tender earlier this year, the number of countries planning to emulate the move continues to grow. A recent report showed that the Cuban central bank wants to introduce rules allowing the nation to legally use digital assets.

In May this year, Cuban President Miguel Diaz Canel, in collaboration with other authorities in the country, was examining possible ways to accept cryptocurrencies to overcome the financial turmoil that intensified after COVID-19.

Earlier, on August 27, the local Official Gazette announced that the country was indeed planning to enter the digital asset space. The report said the Cuban government, along with the central bank, wanted to recognize and regulate cryptocurrencies for payments. The central banking authority shall establish rules and determine the method of licensing to providers of such services that may operate in the territory of the island.

Websites can now have ETH sent directly to their domain name

Anyone who owns a website can now accept crypto payments directly to their domain name, as ETH Name Service announces full integration with a centralized website. It was announced on Twitter on Friday morning that the new update would bring interoperability between the centralized website and the blockchain-based ENS system.

Most services use ENS in one or two of these ways:

– Use your ENS name as your portable web3 username
(via your reverse record which you can set at https://t.co/5tArNzl0LZ > My Account)

– Let you send crypto payments to ENS names

– Let you access decentralized ENS websites

2 / pic.twitter.com/bfRrsAeUOL

– ETH Name Service ens.eth (@ensdomains) June 28, 2021

The Internet currently uses a domain name system (such as Google.com), so people can navigate the Internet more easily by linking these sites to IP addresses. ENS is a decentralized version of this system, where domain names end in .eth and are stored in the Ethereum blockchain unlike centralized servers.

Banks, crypto exchanges, companies

The ForgingBlock crypto payment gateway integrates Polygon

ForgingBlock, a decentralized payment gateway for cryptocurrencies, announced today that it has begun integrating Polygon, Ethereum’s scaling and infrastructure development platform.

The payment gateway includes plug-ins for e-commerce, a payment API, a cash register page, and high-security servers, and can be easily integrated for both merchants and the Polygon developer community.

This development supports the Polygon blockchain ecosystem by providing a secure and user-friendly payment gateway for merchants and developers who want to use payment features in their decentralized applications.

China’s central bank claims that BTC has no real value

China’s central bank is unwilling to change its long-standing hawkish stance on cryptocurrencies. Yin Youping, deputy director of the Office of Financial Consumer Protection, recently said, according to China’s People’s Daily, that BTC digital assets are not legal tender and have no “real value.”

The Bank has also done a great deal of work to “resolutely” curb the illegal raising of funds in cryptocurrencies, in cooperation with the Chinese Commission for Banking and Insurance Regulation.

The PBOC plans to establish a working mechanism for stricter action against cryptocurrencies. At the same time, it calls on people to report crimes related to cryptocurrencies.

CBDC, Regulation

24 crypto exchanges in Korea are facing a regulatory death knell

According to a press release issued by the South Korean Financial Services Commission (FSC), more than 20 crypto exchanges operating in the Asian country could close as the deadline for cryptocurrency regulation is set for September 24.

The regulator noted that 24 of Korea’s 63 crypto exchanges could close in less than a month. The stated number are those stock exchanges that have not yet met the various regulatory requirements that were imposed on them a few months ago.

Six months ago, the FSC demanded that the country’s cryptographic exchanges comply with the law enforced at the beginning of the year. At that time, the regulator gave these exchanges an ultimatum by September 24 to prepare a report for the Financial Intelligence Unit (FIU).

India’s CBDC pilot project could be launched in December, says RBI governor

The Reserve Bank of India could launch preliminary tests on the central bank’s digital currency (CBDC) by the end of the year.

In an interview with CNBC on Thursday, RBI Governor Shaktikanta Das said the central bank was “very careful” in dealing with a potential digital rupee, despite the fact that its counterparts around the world are exploring their own sovereign digital currencies.

According to Dase, the RBI is focusing on examining the potential impact of the digital rupee on the Indian financial sector, with issues such as monetary policy control on the agenda. Technically, the RBI governor also revealed that the central bank is considering the benefits of using a centralized or decentralized ledger for the proposed CBDC.